AptarGroup (ATR) Q4 2025 earnings summary

Executive summary

• Reported Q4 2025 sales grew 14% year-over-year to $963 million, with all segments delivering core sales growth.

• Full-year 2025 sales increased 5% to $3.78 billion; net income rose 5% to $393 million, while Q4 net income fell 26% to $74 million.

• Adjusted EPS for the year was $5.74 (down 1% at comparable exchange rates); Q4 adjusted EPS was $1.25, down from $1.62.

• Returned $486 million to shareholders in 2025 via buybacks and dividends; board approved a new $600 million repurchase authorization.

• Strong innovation pipeline in pharma, especially in systemic nasal drug delivery and injectables, with several regulatory and commercial milestones.

Financial highlights

• Q4 adjusted EBITDA was $191 million, margin declined to 19.8% from 23% due to mix and higher production costs.

• Full-year adjusted EBITDA margin held steady at 21.6%.

• Free cash flow for 2025 was $303 million, down from $367 million, mainly due to tax, pension, and working capital timing.

• Q4 adjusted EPS was $1.25, down 23% year-over-year, impacted by higher D&A and interest expense.

• FY 2025 adjusted EBITDA: $815 million (+5% YoY).

Outlook and guidance

• Q1 2026 adjusted EPS expected between $1.13–$1.21; effective tax rate 21–23%.

• 2026 capital investments projected at $260–$280 million; D&A expense $320–$330 million.

• Emergency medicine revenue headwind of ~$65 million expected in 2026, mostly in H1.

• Margins expected to improve sequentially through 2026, with H2 stronger than H1 and full-year within long-term target range.

• Pharma expected to see strong growth outside emergency medicine; Beauty and Closures to show steady performance.